Vertically integrated cannabis company Kaya Holdings, Inc. (OTC: KAYS) announced Tuesday it has entered into an agreement with The Franchise Academy, a dominant company in the Canadian franchise development and sales industry.
The company could develop as many as 75-100 Kaya Shack retail stores in Canada by 2024, depending on regulatory approval and market acceptance, according to Kaya.
The Franchise Academy is a member and national sponsor of the Canadian Franchise Association and has more than 15 years of professional experience in the industry, closing more than 700 franchise agreements and leases in Canada.
“This agreement draws together the last critical component we need to begin our franchise program in Canada. We are grateful to Shawn and the entire Franchise Academy team for their enthusiasm, focus and helpful recommendations," Kaya CEO Craig Frank said in a statement.
"We are confident in their abilities and know-how and are pleased we have gained their confidence."
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The Canadian franchise program will serve as the foundation for Kaya's growth in the U.S. and globally, the CEO said.
The company said it is in the process of setting up a private offering to raise about $15 million for funding its expansion and launching Kaya Brands International.
Kaya Holdings over-the-counter shares were trading higher by 19.97% at 0.090 cents at the time of publication Tuesday.
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